…the percentage of all mortgages nationwide that started the foreclosure process jumped to a record high of 0.78 percent during the July-to-September period.
More homeowners also fell behind on their monthly payments. (I guess they don’t qualify for a rate freeze)
The delinquency rate for all mortgages climbed to 5.59 percent in the third quarter…the highest since 1986.
The percentage of subprime adjustable-rate mortgages that entered the foreclosure process soared to a record of 4.72 percent in the third quarter.
Late payments jumped to a record high of 18.81 in the third quarter
California and Florida…accounted for 33.7 percent of the subprime adjustable-rate loans that entered the foreclosure process in the third quarter.
The two states combined also accounted for 42.4 percent of creditworthy “prime” adjustable-rate mortgages that started the foreclosure process.
